348 (Mum.); Tata Autocomp Systems Ltd. v. Asstt. CIT

21 Taxmann.com 6Income Tax Appellate Tribunal2012#2370 most cited

What is 348 (Mum.); Tata Autocomp Systems Ltd. v. Asstt. CIT authority for?

The use of LIBOR is upheld for benchmarking loans or advances given to foreign Associated Enterprises (AEs), and notional interest is to be computed using LIBOR rates for transfer pricing adjustments on amounts receivable from AEs.

49

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2025.

Also referred to as

Tata Autocomp Systems Ltd. v. Asstt. CIT · Section 92 · Section 92B · Transfer Pricing · LIBOR · benchmarking · associated enterprise · notional interest · inter-company loans · outstanding receivables

Also reported as

52 SOT 48

Sections most often in play

Section 143(3)Section 1961Section 133ASection 144BSection 148Section 156Section 234ASection 234B

Issues it is cited on

interest on outstanding receivablessection 80iesection 75section 10basection 35(1)(iv)section 10(2a)section 92(1)section 92bsection 35(1)initial assessment yeartransfer pricing orderlegal expenses

Judgments citing 348 (Mum.); Tata Autocomp Systems Ltd. v. Asstt. CIT

Sabre Asia Pacific Pte. Ltd, Mumbai vs. DCIT (It) 1(1)(1), Mumbai

ITA 664/MUM/2017[2012-13]Status: DisposedITAT Mumbai17 Feb 2020AY 2012-13

Bench: Shri Ravish Sood, Jm & Shri N.K. Pradhan, Am आयकर अपील सं./ I.T.A. No.664/Mum/2017 (निर्धारण वर्ा / Assessment Year:2012-13) Sabre Asia Pacific Pte. Ltd. Deputy Commissioner Of Income Tax (Earlier Known As M/S Abacus International Pte Ltd.), (International Taxation)- 1(1)(1), Room No. Abacus Plaza, 3 Tampines Central I, 117, 1St Floor, Scindia House, Ballard बिधम/ # 08-01 Singapore 529540 Estate, Mumbai 400 038. Vs. C/O Deloitte Haskins & Sells Llp India Bulls Financial Centre Tower 3, 28Th Floor, Senapati Bapat Marg, Elphinstone (W),Mumbai-400 013. स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabca6590M (अपीलाथी/Appellant) (प्रत्यथी /Respondent) :

For Appellant: Shri Nitesh Joshi, A.RFor Respondent: Shri Avaneesh Tiwari, D.R
Section 143(3)

…ITA No.664/Mum/2017 A.Y. 2012-13 & 1 ITA No.7379/Mum/2018 A.Y. 2014-15 Sabre Asia Pacific Pte ltd. Vs. DCIT (IT)-1(1)(1) & Sabre Asia Pacific Pte. Ltd. Vs. ACIT (IT)-4(2)(1) IN THE INCOME TAX APPELLATE TRIBUNAL ‘I’ BENCH, MUMBAI BEFORE SHRI RAVISH SOOD, JM AND SHRI N.K. PRADHAN, AM आयकर अपील सं./ I.T.A. No.664/Mum/2017 (निर्धारण वर्ा / Assessment Year:2012-13) Sabre Asia Pacific Pte. Ltd. Deputy Commissioner of Income Tax (Earlier Known as M/s Abacus International Pte Ltd.), (International Taxation)- 1(1)(1), Room No. Abacus Plaza, 3 Tampines Central I, 117, 1st Floor, Scindia House, Ballard बिधम/ # 08-01 Si…

Tecnimont Private Limited, Mumbai vs. Assistant Commissioner of Income Tax Range 13(3)(2), Mumbai

In the result, both the appeals of the assessee are allowed in

ITA 5427/MUM/2017[2013-14]Status: DisposedITAT Mumbai08 Jan 2020AY 2013-14

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm

Section 143(3)Section 92B(2)

…s ACIT (L TU) (ITA No 7073/Mum/2012) (Mumbai Tribunal) ii. M/s PMP Auto Components P. Ltd, (ITA NO.1484/Mum/2014) dated 22 August 2014 iii. Hinduja Global Solutions Ltd Vs ACIT (145 ITD 361) (2013) (Mumbai Tribunal) iv. Tata Autocomp Systems Ltd Vs ACIT (52 SOT 48) (2012) (Mumbai Tribunal) v. Tata Autocomp Systems Ltd Vs ACIT (ITA No 1320 of 2012) (Approved by Bombay High Court) vi. Four Soft Ltd Vs DCIT (142 TT J 358) (2011) (Hyderabad Tribunal) vii. Everest Kanto Cylinder Ltd Vs ACIT (L TU) (ITA No 550/Mum/2014) (Mumbai Tribunal) 15. In view of above discussion, computation of interest is restored ba…

Technimont P.Ltd, Mumbai vs. Asst CIT 13(3)(2), Mumbai

In the result, both the appeals of the assessee are allowed in

ITA 1238/MUM/2017[2012-13]Status: DisposedITAT Mumbai08 Jan 2020AY 2012-13

Bench: Shri R.C.Sharma, Am & Shri Pawan Singh, Jm

Section 143(3)Section 92B(2)

…s ACIT (L TU) (ITA No 7073/Mum/2012) (Mumbai Tribunal) ii. M/s PMP Auto Components P. Ltd, (ITA NO.1484/Mum/2014) dated 22 August 2014 iii. Hinduja Global Solutions Ltd Vs ACIT (145 ITD 361) (2013) (Mumbai Tribunal) iv. Tata Autocomp Systems Ltd Vs ACIT (52 SOT 48) (2012) (Mumbai Tribunal) v. Tata Autocomp Systems Ltd Vs ACIT (ITA No 1320 of 2012) (Approved by Bombay High Court) vi. Four Soft Ltd Vs DCIT (142 TT J 358) (2011) (Hyderabad Tribunal) vii. Everest Kanto Cylinder Ltd Vs ACIT (L TU) (ITA No 550/Mum/2014) (Mumbai Tribunal) 15. In view of above discussion, computation of interest is restored ba…

Bombay Rayon Holdings Limited, Mumbai vs. ITO-9(2)(2), Mumbai

In the result, appeals of the assessee are partly allowed

ITA 5986/MUM/2018[2009-10]Status: DisposedITAT Mumbai06 Jan 2020AY 2009-10

Bench: Shri Shamim Yahya & Shri Pawan Singh

For Appellant: Shri. Madhur Agrawal, Shri Ajit KumarFor Respondent: Shri. Anand Mohan
Section 131Section 133Section 143(3)Section 144CSection 144C(13)Section 148Section 92(1)Section 92C(1)

…ersus ACIT 160 ITD 1 Kolkatta Tribunal special bench. It also referred to the decision of ITAT in the case of PMP Auto Components private limited versus DCIT 50 Taxmann.com 272 and also the decision of ITAT in the case of Tata Autocomp systems Ltd versus ACIT 21 Taxmann.com 6. Referring to the ITAT decisions as referred above DRP held that these decisions also negate the arguments of the assessee that the interest was not charged since the AE could not get access to the funds from any other source in the international market, that the loans were given from interest free funds or that it was a shareholder function…

ACIT, Circle - 4(1), Kolkata vs. M/S. M.K. Shah Exports Ltd., Kolkata

In the result, the appealof the Revenue (ITA No

ITA 1974/KOL/2017[2013-14]Status: DisposedITAT Kolkata16 Nov 2018AY 2013-14

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1903/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. Vs. A.C.I.T, Circle-4(1), Kolkata P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 020. Kolkata – 700 069. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) आयकरअपीलसं./Ita No.1974/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. A.C.I.T, Circle-4(1), Kolkata Vs. P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 069. Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Jhajharia, Ar Revenue By :Shrisaurabh Kumar, Addl. Cit (Sr. Dr) सुनवाईक"तार"ख/ Date Of Hearing : 23/08/2018 घोषणाक"तार"ख/Date Of Pronouncement : 16/10/2018

For Appellant: Shri S. Jhajharia, ARFor Respondent: ShriSaurabh Kumar, Addl. CIT (Sr. DR)
Section 143(3)Section 37Section 80GSection 92C

…lso been accepted by the Hon'ble Delhi High Court in the case of CIT vs Cotton Naturals (I) Ltd. 276 CTR 445 (Delhi) and by the Hon'ble Bombay High Court in the case of Tata Auto Comp System Ltd approving the decision of ITAT in the case of Tata Auto Comp Vol.52 SOT 48 (Mum). In view of the above settled legal position we find no merits in ground no.1 and dismiss the same. 14.Respectfully following the above binding precedent, we uphold the contention of the assessee, since the issue is squarely covered in favour of the assessee by the decision of the Coordinate Bench in ITA No.2149/Kol/2014 for Assessment Year 2…

M/S. M. K. Shah Exports Ltd, Kolkata vs. ACIT, Circle-4(1), Kolkata

In the result, the appealof the Revenue (ITA No

ITA 1903/KOL/2017[2013-14]Status: DisposedITAT Kolkata16 Nov 2018AY 2013-14

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita No.1903/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. Vs. A.C.I.T, Circle-4(1), Kolkata P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 020. Kolkata – 700 069. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) आयकरअपीलसं./Ita No.1974/Kol/2017 ("नधा"रणवष" / Assessment Year: 2013-14) M/S. M. K. Shah Exports Ltd. A.C.I.T, Circle-4(1), Kolkata Vs. P-7, Chowringhee Square, 8Th Floor, 2/2. Justice Dwarkanath Road, Kolkata – 700 069. Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Jhajharia, Ar Revenue By :Shrisaurabh Kumar, Addl. Cit (Sr. Dr) सुनवाईक"तार"ख/ Date Of Hearing : 23/08/2018 घोषणाक"तार"ख/Date Of Pronouncement : 16/10/2018

For Appellant: Shri S. Jhajharia, ARFor Respondent: ShriSaurabh Kumar, Addl. CIT (Sr. DR)
Section 143(3)Section 37Section 80GSection 92C

…lso been accepted by the Hon'ble Delhi High Court in the case of CIT vs Cotton Naturals (I) Ltd. 276 CTR 445 (Delhi) and by the Hon'ble Bombay High Court in the case of Tata Auto Comp System Ltd approving the decision of ITAT in the case of Tata Auto Comp Vol.52 SOT 48 (Mum). In view of the above settled legal position we find no merits in ground no.1 and dismiss the same. 14.Respectfully following the above binding precedent, we uphold the contention of the assessee, since the issue is squarely covered in favour of the assessee by the decision of the Coordinate Bench in ITA No.2149/Kol/2014 for Assessment Year 2…

ACIT, Circle-4(1), Kolkata vs. M/S. M. K. Shah Exports Ltd, Kolkata

In the result, the appeals filed by the Revenue in ITA No

ITA 978/KOL/2017[2012-13]Status: DisposedITAT Kolkata17 Aug 2018AY 2012-13

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.977 & 978/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) A.C.I.T, Circle-4(1), Kolkata Vs. M/S. M. K. Shah Exports Ltd. P-7, Chowringhee Square, 8Th Floor, Kolkata – 700 069. 2/2. Justice Dwarkanath Road, Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Dasgupta, Addl. Cit(Dr) Respondent By :Shri Rohit Shukla, Fca सुनवाईक"तार"ख/ Date Of Hearing : 29/05/2018 घोषणाक"तार"ख/Date Of Pronouncement : 17/08/2018 आदेश / O R D E R

For Appellant: Shri S. Dasgupta, Addl. CIT(DR)For Respondent: Shri Rohit Shukla, FCA
Section 143(3)Section 14A

…Ltd. 276 CTR 445 (Delhi) and by the Hon'ble Bombay High Court in the case of Tata Auto Comp System M/s. M. K. Shah Exports Ltd. ITA Nos.977 & 978/Kol/2017 Assessment Years: 2011-12 & 2012-13 Ltd approving the decision of ITAT in the case of Tata Auto Comp Vol.52 SOT 48 (Mum). In view of the above settled legal position we find no merits in ground no.1 and dismiss the same. 14.Respectfully following the above binding precedent, we uphold the contention of the assessee, since the issue is squarely covered in favour of the assessee by the decision of the Coordinate Bench in ITA No.2149/Kol/2014 for Assessment Year…

ACIT, Circle-4(1), Kolkata vs. M/S. M. K. Shah Exports Ltd, Kolkata

In the result, the appeals filed by the Revenue in ITA No

ITA 977/KOL/2017[2011-12]Status: DisposedITAT Kolkata17 Aug 2018AY 2011-12

Bench: Shri S. S. Godara, Jm &Dr. A.L.Saini, Am आयकरअपीलसं./Ita Nos.977 & 978/Kol/2017 ("नधा"रणवष" / Assessment Years: 2011-12& 2012-13) A.C.I.T, Circle-4(1), Kolkata Vs. M/S. M. K. Shah Exports Ltd. P-7, Chowringhee Square, 8Th Floor, Kolkata – 700 069. 2/2. Justice Dwarkanath Road, Kolkata – 700 020. "थायीलेखासं./जीआइआरसं./Pan/Gir No. :Aaccm 0884 H (Assessee) .. (Respondent) Assessee By :Shri S. Dasgupta, Addl. Cit(Dr) Respondent By :Shri Rohit Shukla, Fca सुनवाईक"तार"ख/ Date Of Hearing : 29/05/2018 घोषणाक"तार"ख/Date Of Pronouncement : 17/08/2018 आदेश / O R D E R

For Appellant: Shri S. Dasgupta, Addl. CIT(DR)For Respondent: Shri Rohit Shukla, FCA
Section 143(3)Section 14A

…Ltd. 276 CTR 445 (Delhi) and by the Hon'ble Bombay High Court in the case of Tata Auto Comp System M/s. M. K. Shah Exports Ltd. ITA Nos.977 & 978/Kol/2017 Assessment Years: 2011-12 & 2012-13 Ltd approving the decision of ITAT in the case of Tata Auto Comp Vol.52 SOT 48 (Mum). In view of the above settled legal position we find no merits in ground no.1 and dismiss the same. 14.Respectfully following the above binding precedent, we uphold the contention of the assessee, since the issue is squarely covered in favour of the assessee by the decision of the Coordinate Bench in ITA No.2149/Kol/2014 for Assessment Year…

DCIT, Circle-4(1), Kolkata vs. M/S. M.K. Shah Exports Ltd., Kolkata

In the result the appeal by the revenue is dismissed

ITA 2149/KOL/2014[2008-2009]Status: DisposedITAT Kolkata12 May 2017AY 2008-2009

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri M.Balaganesh, Am] I.T.A No. 2149/Kol/2014 Assessment Year : 2008-09 D.C.I.T., Circle-4(1), -Vs.- M/S. M.K.Shah Exports Ltd. Kolkata Kolkata [Pan : Aaccm 0884 H] (Respondent) (Appellant) For The Appellant : None (Dr)(Adj. Request Is Rejected) For The Respondent : Shri Rohit Shukla, Fca Date Of Hearing : 03.05.2017. Date Of Pronouncement : 12.05.2017. Order Per N.V.Vasudevan, Jm This Is An Appeal By The Revenue Against The Order Dated 15.09.2014 Of C.I.T.(A)-Vi, Kolkata Relating To A.Y.2008-09. 2. Grounds Of Appeal Raised By The Revenue Read As Follows :- 1. That On The Facts & Circumstances Of The Case, The Ld. Cit(A) Erred In Law As Well As On Facts In Holding That Addition On Account Of Adjustment Of Interest Of Rs.40,32,011 Charged To The Subsidiary Company Zao Classic Russia Was Not Warranted, Ignoring The Fact That The Addition Was Made On The Arms Length Price Determined By The Tpo U/S 92(Ca)(1). 2 That On The Facts & In Circumstances Of The Case, The Cit(A) Erred In Law As Well As On Facts In Holding That Cess On Green Leaf Of Rs.1 ,44,03,221/- Is An Allowable Expenditure, Ignoring The Fact That It Is Directly Attributable To Core Agriculture Activities Which Is Taxable Under State Agriculture Income Tax, Beyond The Purview Of Central Income Tax & On The Same Issue Slp Is Pending In The Case Of Aft Industries. 3 That The Appellant Craves For Leave To Add, Delete Or Modify Any Of The Grounds Of Appeal Before Or At The Time Of Hearing.

For Appellant: None (DR)(Adj. request is rejected)For Respondent: Shri Rohit Shukla, FCA
Section 92

…lso been accepted by the Hon’ble Delhi High Court in the case of CIT vs Cotton Naturals (I) Ltd. 276 CTR 445 (Delhi) and by the Hon’ble Bombay High Court in the case of Tata Auto Comp System Ltd approving the decision of ITAT in the case of Tata Auto Comp Vol.52 SOT 48 (Mum). In view of the above settled legal position we find no merits in ground no.1 and dismiss the same. 11. As far as ground no.2 raised by the revenue is concerned Income from growing, manufacturing and sale of tea would be Composite income, which means it comprises agricultural income to the extent of growing tea, which is not chargeable to ta…